Government bond investors are now “boiling frogs” amid yield squeeze, says Algebris macro chief Submitted By Hugh Leask | 03/08/2020 - 2:38pm Alberto Gallo, head of macro strategies at multi-strategy credit and equities hedge fund Algebris Investments, has compared investors in government bonds to “boiling frogs” who risk seeing their returns “wiped out” from future inflation rises. As government bonds increasingly offer “return-free risk”, investors should look to alternatives, said Gallo, who is also portfolio manager of Algebris’ Global Credit Opportunities Fund.